Wednesday, 19 September, 2018

European Union to tax Harleys, bourbon and other United States goods from Friday

China and US trade talks Image President Trump claims there is an imbalance in trade between the US and China
Andrew Cummings | 24 June, 2018, 20:32

Europe's autos stocks sold off rapidly, down as much as 1.3%, and Germany's DAX index fell into negative territory, down 0.2% as big German carmakers Daimler, Volkswagen and BMW, which are heavily reliant on USA vehicle sales, suffered.

The European Union drew up the list in March but is only activating it on Friday after US President Donald Trump followed through on his threat to impose 25 percent tariffs on steel imports and 10 percent on aluminium.

Maize, rice, cranberries, cranberry juice, orange juice, sweetcorn and peanut butter are among the food products targeted. Harley-Davidson is from Wisconsin, the home state of Republican House Speaker Paul Ryan. "We should end the escalation", he said in the comments published on Saturday. Europeans claim that is simply protectionism and breaks global trade rules.

The European Union's decision to impose tariffs on some USA goods is measured and proportionate, Prime Minister Theresa May's spokeswoman said on Friday, adding that tariffs would be discussed with President Donald Trump when he visits in July.

"The rules of worldwide trade, which we have developed over the years hand in hand with our American partners, can not be violated without a reaction from our side", she said.

The Dow Jones U.S. autos index also fell 1.4% on the tweet, with Tesla, Harley Davidson, Ford and General Motors among the biggest drags.

European officials have responded to Trump with tariff threats of their own on USA products, including automotive products, raising prices for consumers worldwide.

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One main reason for this downfall has been the shaky Chelsea back line that has conceded way too many goals this season. The 31-year-old scored 22 goals in all competitions and provided 9 assists for the side as well.

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And the move is also unprecedented, because the U.S.is the first country to leave the council without being forced out. Nikki Haley confirmed the nation's exit during a joint appearance at the State Department.

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The EU exported some 5.5 million tons of steel to the US past year.

Economists note that on the whole, the US and European Union tariffs will not immediately cause great damage to either side's economy. The EU imposes a 10 percent tariff on imported US cars.

However, experts say the risk that the sides could keep adding tariffs could hurt business confidence, weighing indirectly on the economy.

Tariffs on more than $3 billion worth of American exports to Europe took effect on Friday.

The bloc has also filed a formal complaint at the World Trade Organization.

The United States has imposed tariffs on Canada, Mexico and £25bn in Chinese goods.

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